Company Update

(Registration Number: 12886458)

Share code on the LSE: MAST

('MED' or 'the Company')

Dated: 3 December 2024

Mast Energy Developments PLC ('MED' or 'the Company')

Pyebridge Revenues & Refurbishment Progress Update

and MED Shares Lock-In Agreement Reminder

Mast Energy Developments PLC is pleased to announce an update regarding its Pyebridge flexible generation asset, the highlights and details of which are outlined below.

Pyebridge Highlights:

• Preliminary trading revenue for November 2024 of c. £58,000 before receipt of Embedded Benefits;
• Final trading revenue tally for October 2024 increased by 11% to c. £72,000 (up from c. £65k previously reported) following receipt of Embedded Benefits;
• Average trading revenue per MW per month for period July to November 2024 equates to c. £24k (excluding Capacity Market gross margin income payments);
• Electricity sales price achieved during November outperformed market with c. 41%;
• Second refurbished 2.7MW genset successfully reinstalled on site and commissioning in progress, with commercial production starting shortly thereafter; and
• Following the completion of the 2nd 2.7MW genset, Pyebridge will have 2x 2.7MW (i.e. 5.4MW) in optimal commercial production and generating income, effectively doubling the site's trading revenue generation capacity.

Pieter Krügel, MED CEO, commented: "We are delighted with the ongoing positive progress and performance of Pyebridge since the start of the refurbishment programme a few months ago. The commercial trading and operational performance of the first refurbished 2.7MW genset since its commissioning in July has proven that the overhaul programme is successful. With the commissioning of the refurbished 2nd 2.7MW genset near completion, we are looking forward to doubling the Pyebridge site's capacity and revenue generation. We are expecting to commence with the refurbishment of the third and final 2.7MW genset at Pyebridge soon, and once completed, the site will have its full 8.1MW capacity in optimal commercial production and generating maximum revenue."

"Further, we are excited about the recently announced project finance framework agreement entered into in partnership with RiverFort Global Capital. RiverFort has been a key pillar to MED and the new agreement is a significant step to support and fast track MED's strategy to grow its portfolio of MWs in production to 300+ MWs. The Company appreciates RiverFort's ongoing and growing support."

MED emailing list - https://med.energy/email-alerts/

MED LinkedIn page - https://uk.linkedin.com/company/mast-energy-developments-plc

MED X (formerly Twitter) handle - @mastplc

Further to the Company's announcement dated 22 November 2024, the Pyebridge trading results for October 2024 have now been reconciled and confirmed as total trading revenue of c. £72k representing a 11% increase in the preliminary revenue previously reported. This follows the receipt of Embedded Benefits for October, which usually happens a month in arrears.

Moreover, preliminary trading revenue for November is currently tallied at £58k before the receipt of Embedded Benefits. Pyebridge continued to outperform the market during November, with achieved actual average electricity sales price per MWh sold of £138 compared to the average Wholesale Market price of £981 over the same period, which resulted in a 41% outperformance. 1The Wholesale Market price data was sourced from Nordpool.

MED Shares Lock-In Agreement Reminder

Further, MED announces that it has today received a TR-1 significant shareholder notification from RiverFort Global Opportunities PCC Ltd ("RGO").

This TR-1 notification follows the MED shares that RGO has now received from the escrow account that was operated with respect to Kibo Energy PLC (please refer to the RNS announcement released by Kibo Energy PLC dated 1 October 2024).

The Company would like to remind the market that further to its previous announcement dated 1 October 2024, it has agreed with RGO a lock-in on the aforementioned shares until 1 January 2025.

TR-1: Standard form for notification of major holdings

• Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)
• Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify) iii :

Details of person subject to the notification obligation iv

Full name of shareholder(s) (if different from 3.) v

Name

City and country of registered office (if applicable)

• Total positions of person(s) subject to the notification obligation

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

Additional information xvi